Housing Bubble Popped but why aren't the prices reflecting it? (Century: credit, loans)

[JimKing]

By the way, I noticed that the real estate agents on this forum post all the time, all hours of the day.

If Florida real estate is having a surge and these prices are just fine, in line with fundamentals, and real estate should continue going up and up....how do you find the time to post?

It would seem to me you would be out in the field all the time, showing houses, networking, attending closings...busy, busy, busy. I would think you would not have any time to be on this forum with all that work out there.

[kort677]

Originally Posted by Janwp

We found the perfect house for our family, and it's been on the market at least since last winter. The problem is that the seller hasn't dropped the price any in these past months. Another house that Ive been keeping track of has gone down by 25% in the same time.

This house is one of 3 identicals in the same neighborhood, and the builder is still building them down the street. Villini and Palarmo on Hodges. The sales person said that they only sold 3 in the past month. I can't understand why the prices aren't dropping by more. Yes there are incentives that the builder is offering, but how can I be sure that they won't go belly up?


I guess the apprasial will tell the tale, but I wonder who is right, and how much less the seller will be willing to go. Has anybody had any apprasial done in the last few weeks on the southside. I don't want to be taken advantage of, but waiting is very difficult.

I know it's a waiting game now... Jan

there isn't too much that you can do if the seller will not negotiate, go for the house that has been priced properly.

when I was looking for a house recently I ran into many sellers who were in fantasy land with their pricing, obviously I didn't buy any of the over priced homes and most of them are still sitting. There was a home I was very interested in and the was priced on the high side of reasonable and I made a low but reasonable offer, they played games and I moved on to the next house. The one I bought is a home that the seller had priced fairly and I made a reasonable offer and I bought the home.


What I've seen even in this slow market is that if homes are priced right they will sell fairly quickly and ones that are over priced sit unsold, another thing is that if the home for sale isn't in pristine condition it won't sell unless dramatic reductions are made.

[JimKing]

Originally Posted by Janwp

We found the perfect house for our family, and it's been on the market at least since last winter. The problem is that the seller hasn't dropped the price any in these past months. Another house that Ive been keeping track of has gone down by 25% in the same time.

This house is one of 3 identicals in the same neighborhood, and the builder is still building them down the street. Villini and Palarmo on Hodges. The sales person said that they only sold 3 in the past month. I can't understand why the prices aren't dropping by more. Yes there are incentives that the builder is offering, but how can I be sure that they won't go belly up?


I guess the apprasial will tell the tale, but I wonder who is right, and how much less the seller will be willing to go. Has anybody had any apprasial done in the last few weeks on the southside. I don't want to be taken advantage of, but waiting is very difficult.

I know it's a waiting game now... Jan

Patience will be rewarded. The fact that the builder is still building them tells you the inventory will grow. I suggest going the The Housing Blog and reading the comments by other potential buyers. This will give you the confidence to keep waiting. Good luck!

[Mike Peterson]

Originally Posted by JimKing

By the way, I noticed that the real estate agents on this forum post all the time, all hours of the day.

If Florida real estate is having a surge and these prices are just fine, in line with fundamentals, and real estate should continue going up and up....how do you find the time to post?

It would seem to me you would be out in the field all the time, showing houses, networking, attending closings...busy, busy, busy. I would think you would not have any time to be on this forum with all that work out there.

Where, anywhere did I post prices are going up, up up?
This is just something you make up for your posts to try and make it sound as if you are intelligent and that realtors don't have a clue.

As for the second part of your post. I for myself take the majority of the summer off since my kids are out of school but I have a few buyers I am working with.

It seems to me you are obsessive about realtors, you really should talk to someone about that.

[Marc Vaughan]

I'm amazed at the amount of people who are indicating a 5 year downward cycle in house prices in America - is this based on fact or just wishful thinking on the property you'd be able to purchase if this happened?

In other countries where similar bubbles have burst the downward effect has generally lasted for between 12-18 months after which the house prices rose again upwards at a similar rate to the pre-burst market.

For this reason I'm actually looking at purchasing currently ..

[Janwp]

I'm pretty sure, and even the real estate agent said, that the sellers would be very willing to negotiate...I'm sorry I misled you Kort677. It's just the price hasn't gone down any. I'm also sure that I'm not going to pay the asking price, even though the property is "perfect" (for me) there are just too many available for the seller to be very able to negotiate.

[UKOK]

Originally Posted by Marc Vaughan

I'm amazed at the amount of people who are indicating a 5 year downward cycle in house prices in America - is this based on fact or just wishful thinking on the property you'd be able to purchase if this happened?

In other countries where similar bubbles have burst the downward effect has generally lasted for between 12-18 months after which the house prices rose again upwards at a similar rate to the pre-burst market.

For this reason I'm actually looking at purchasing currently ..

You have got to be kidding me. After the 1989 Japanese housing bubble, housing prices tanked for 13 straight years! The Japanese housing bubble was a similar situation to what we are currently experiencing.

[Carbondated]

Originally Posted by Marc Vaughan

I'm amazed at the amount of people who are indicating a 5 year downward cycle in house prices in America - is this based on fact or just wishful thinking on the property you'd be able to purchase if this happened?

In other countries where similar bubbles have burst the downward effect has generally lasted for between 12-18 months after which the house prices rose again upwards at a similar rate to the pre-burst market.

For this reason I'm actually looking at purchasing currently ..

Which countries are you referring to in your quote? Just asking, because I'd like to know if I can possibly expand my housing options to include other countries.

[info please]

I just had to pop in lol. This is my story and I'm sticking to it. There our termites in the ivory tower. . It ain't over yet . marc as far as prices going up at a similar rate to the pre bust your kidding right lol . There is not the demand for housing like there was a few years ago .it just not there .now you got to many homes not enough buyers you do the math. suppy and demand

[SKB]

Originally Posted by kort677

it's kinda like the people infected with bushopia, if an elephant blows a fart it's bush's fault, you know the type.

Face it, you're dealing with people who appear to be incapable of stepping up to the plate, they're waiting for a collapse that may never occur. what the doom and gloom set don't realize is that if there ever was a collapse of the market of the magnitude that they are hoping for, then everything and everyone will be in dire straights and they still won't be in a position to buy anything.

I am taking leave of this group, and I suggest that you stop banging your head against the wall too, let them regale themselves with their fantasies and we'll go on finding opportunities and enjoying our lives.

Well, if you can't stand the heat get out of the kitchen.

Bye, Bye